Tower sells 9.8m shares from life insurance units

Financial services firm Tower today confirmed it had sold 9.8 million shares that were held in its life insurance companies.

The shares were in Tower Life (New Zealand) and Tower Australia, the company said in a statement to the New Zealand Exchange today.

"The decision to sell reflects the relative capital inefficiency in Tower continuing to hold these shares, and the particular accounting policy that applies on consolidation," the company said.

No other details were immediately available.

- NZPA